February 5th, 2025
Miami-Dade and Palm Beach counties saw 47% year-over-year increases in trade activity, rising from 217 trades in 2023 to 318 in 2024. Dollar volume rose proportionally by 44%, from just over $4 billion in total $10 million+ sales in 2023 to $5.9 billion in 2024. The strength of this performance is all contextualized by the fact that in 2019, the entire state of Florida only had 99 trades above $10 million.
Bespoke’s Record-Breaking Sales
The standout trade of the year was Bespoke’s record-breaking $132 million sale of 18 La Gorce Circle in Miami Beach, the most expensive trade in Miami for the year. Between La Gorce and David Beckham’s $72 million purchase on North Bay Road, the two largely contributed to the region’s increase in dollar volume. Additionally, oceanfront properties, which drove Miami-Dade’s stronger performance compared to Palm Beach County, defined the region’s strength in 2024. Oceanfront trades surged 44%, from 39 trades in 2023 to 56 in 2024, while total waterfront trades increased by 73%, from 101 to 175 transactions.
Why Waterfront
Part of the reason for the increase in both water and oceanfront trades is that inventory in this segment is perpetually constrained. There is a finite amount of waterfront land that physically exists for ultra-luxury homes to be built on, so competition for prime locations—such as Fisher Island, Star Island, and North Bay Road—is only increasing, and is expected to continue driving record-breaking sales. This limited supply and high demand contributed to the partial insulation from the broader economic headwinds that defined all of 2023 and early 2024.
Again, some insulation from those headwinds has always been true in the $10 million+ space; while elevated interest rates reshaped buyer behavior in many sectors of the economy, like other alpha markets, South Florida ultra-luxury residential trades benefited from its strong base of cash-rich buyers. These individuals are less impacted by borrowing costs, and ultimately less concerned with the upside on their trade; they purchase these properties to live in them and are not necessarily buying them to sell.
As a result, there was a 52% surge in trades in the $10 to $20 million range between 2023 and 2024, from 169 to 242, respectively, as those properties are more accessibly funded with cash than debt. Homes in this range—often contemporary, turn-key homes or premium waterfront condos—allowed buyers to park their cash, making it an appealing entry point in a high-interest-rate environment.
Still, the $40 million+ segment performed strongly too, which, despite a higher price tag, in Florida were largely financed with cash, too. The sector saw an 89% increase in trades, from 9 to 17 in 2024, followed by a 56% increase in dollar volume, from $630 million to $981 million.
Turn-Key Homes and Investment Properties Shine
Turn-key properties remained a cornerstone of South Florida’s appeal, with trade quantity increasing by 79% year-over-year, from 130 trades in 2023 to 233 trades in 2024. Unlike in the northern markets, there are fewer traditionally styled homes, and Florida buyers prioritized ultra-contemporary, move-in-ready properties that required minimal additional investment. This was particularly true in Miami-Dade. This taste for ultra-contemporary and minimal capital commitments post-purchase was further supported by a 13% drop in new construction trades, from 69 in 2023 to 60 in 2024.
At the same time, there was an appetite for investment properties. Land/teardown sales saw an 86% increase in dollar volume, from $302 million over 2023 to $562 million in 2024, while the average price increased by 34%, from $16.8 million to $22.5 million.
Palm Beach County, while experiencing fewer trades than Miami-Dade due to a more limited inventory of waterfront and oceanfront properties, saw a 51% increase in trades, from 99 in 2023 to 149 in 2024, appealing to those with a preference for turn-key inland estates that offered privacy and acreage. Demand for these properties increased as waterfront options became increasingly scarce and competitive. However, Palm Beach’s average sale price declined slightly, mostly due to the strength of the $10-$20 million price range in a high-interest-rate environment.
Buyers and Sellers Align in 2024
The sharp increase in interest rates throughout 2023—one of the most rapid in modern history—triggered a recalibration that continued to shape buyer and seller behavior in 2024. “Markets like South Florida thrive when sentiment improves and pricing stabilizes. By mid-2024, sellers began to align with the realities of higher borrowing costs, narrowing the gap between asking and closing prices,” said Zachary Vichinsky, Founding Partner of Bespoke. “This adjustment catalyzed renewed activity, with Bespoke observing heightened interest in showings, increased qualified offers, and a growing pool of serious buyers by year-end.”
Just as we anticipated in our last third-quarter report, South Florida’s ultra-luxury market saw a strong close to 2024, with Q4 dollar volume increasing by 79% year-over-year. Entering the fourth quarter, there were 46 properties in contract, a substantial pipeline that underscored sustained demand, again particularly in Miami-Dade County. This momentum materialized as buyers sought to finalize acquisitions before year-end.
As 2024 came to a close, South Florida showed no signs of slowing. The interplay of stabilized pricing and an engaged buyer base signal a market primed for continued momentum in 2025. Miami-Dade’s strength in waterfront and turn-key properties, coupled with Palm Beach’s adaptation to buyer preferences, highlights the region’s ability to attract global UHNWIs seeking both lifestyle and long-term value. South Florida’s market, while shaped by macroeconomic forces, remains uniquely positioned to thrive in the face of changing dynamics, ensuring its place as a cornerstone of the ultra-luxury real estate landscape.
Waterfront trades saw a 73% increase in trades and a 74% increase in trade volume, signaling continued buyer preference for waterfront properties in South Florida.

9111 Collins Avenue, Unit N719, Surfside, FL
Land/teardown trades saw an 86% increase in dollar volume and a 34% increase in the average sale price.

2000 S. Ocean Drive, PH, Hallandale Beach, FL